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Burton Malkiel Talks About Efficient Markets
In this video sponsored by Vanguard, Burton Malkiel, Princeton professor and author of "A Random Walk Down Wall Street," talks with RIJ editor Kerry Pechter about what "efficient market" means to him. The 10th edition of "A Random Walk" has just been published.
Industry Views are special reports that are sponsored and independent from RIJ's editorial content.
December 21, 2011, Cover Stories, Annuities
The "Evolution of the Annuity Industry"
Like the Ford Mustang in 1965, the variable annuity with a lifetime income rider seemed like the right Boomer product at the right time in 2006. Then came the Crisis. A new survey by Cogent Research and the Insured Retirement Institute looks at where the VA is today and where it's headed.
Only a decade or so ago, variable annuities were still perceived as vehicles for deferring taxes on investment gains over long time horizons; unique among tax-favored products, they accepted virtually unlimited after-tax contributions.
With the advent of living benefits during the Bush bull market, the marketing story changed: VAs with lots of investment choices and income riders allowed risk-averse retirees to stay in equities while protecting their nest egg from ruin.
Then came the global financial crisis. It shook out the VA industry, driving some carriers out of the business entirely and forcing the rest either to “de-risk” their products, limit distribution and/or find a way to share more of the risks and costs with the customer.
Now here we are in the fall of 2011. But where are we, exactly?
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